The power of oil as a political weapon became evident during the 1973 Arab-Israeli conflict that became known as The October War in the Arab world and the Yom Kippur War in Israel. Hoping to sway Western sentiments in favor of the Arab cause Arab oil producing countries such as Saudi Arabia and the Gulf sheikdoms agreed to reduce their output. Naturally, less oil on the market meant higher prices at the pump and for the home consumer of heating oil. The Arab oil embargo forced Western governments to enact strict measures in order to safeguard oil reserves.
The tactic employed by the oil producers however backfired: Full article at: Oil and Politics>
